Year-End Tax Planning Checklist
The following checklist provides tactics you should consider as part of your year-end tax planning. If you need further explanation, please contact Chaplin & Co., Chartered Accountants at 416 667 7060.
- Scholarships and other prizes - Remember that all scholarship fellowship bursary or prize from a program that entitles the student to the education tax credit are tax-free.
- Moving expenses - If you moved to attend school, your moving expenses may be deductible.
- Examination fees - Claim examination fees in excess of $100 paid to obtain a professional status or to be licensed or certified to practice a profession or trade in Canada.
- Unclaimed credits - Remember that the carryforward period is:
- indefinite for unclaimed education and tuition fees credits; and
- five years for unclaimed student loan interest.
- Foreign university tuition fees - If you attend a foreign university, your tuition fees may be eligible for a tuition credit in Canada. For 2018, foreign university programmes will qualify if they are at least 3 weeks long (previously, the programmes had to be 13 consecutive weeks).